Business confidence among Turkey’s industrialists rose to the highest level since April 2018, according to a monthly survey by the central bank.
Confidence edged up to 111 points this month from 110.8 points in March, the central bank said on Monday. Any reading above 100 points reflects optimism. It had stood at 66.8 points in April last year, when the country was dealing with the impact of a first wave of the COVID-19 pandemic.
The improvement was led by the number of orders over the past three months and fixed investment expenditure, the survey showed. But the expectation for the volume of output and exports orders worsened.
Seasonally adjusted industrial confidence declined to 107.4 points in April from 110.2 points in March, the central bank said. It had stood at 62.3 points a year ago.
Turkey’s government is seeking to stimulate economic growth via the manufacturing industry and exports under an economic programme announced last month. Lending by banks is continuing to grow, led by state-run banks, helping to soften the impact of the pandemic on businesses.